Tamilnad Mercantile Bank Names Salee Nair CEO

Tamilnad Mercantile Bank (TMB) has appointed Salee Sukumaran Nair as its new Managing Director and Chief Executive Officer, following the Reserve Bank of India's approval. Nair, who brings over 35 years of banking experience, previously served as Deputy Managing Director and Chief Credit Officer at State Bank of India (SBI). His appointment is set for a three-year term, contingent on shareholder approval, and he aims to build on the foundation laid by his predecessors. TMB recently reported a 10% increase in net profit for Q1 FY25, reaching Rs 287.3 crore, alongside a 15% rise in total income. This surge in shares by up to 4.35% reflects market optimism regarding Nair's leadership. His extensive experience includes managing stressed assets and overseeing various banking sectors, positioning him as a key figure for TMB's strategic priorities.